Apple Q1 2012 Results Obliterate Expectations

Apple has posted impressive quarterly earnings for the 14-week period ending on December 31, 2011.

According to a press release, the company reported a quarterly revenue of $46.33 billion, as well as a quarterly net profit of $13.06 billion, or $13.87 per diluted share, the company's best quarterly results yet.

"These results compare to revenue of $26.74 billion and net quarterly profit of $6 billion, or $6.43 per diluted share, in the year-ago quarter," per the release.

The Verge reports on the company's record-shattering iPhone, iPad and Mac sales, writing, "Apple sold an astonishing 37.04 million iPhones, 15.43 million iPads and 5.3 million Macs during the quarter, which represent increases of 128 percent, 111 percent, and 26 percent from last year. That's 2m more phones sold than Samsung shipped last quarter, which is astonishing."

The result may make Apple the world's largest maker of smartphones. Samsung Electronics, which held that position for most of last year, has said it expects to report shipping about 35 million smartphones in the October to December quarter.

October saw the launch of the iPhone 4S, and the addition of Sprint Nextel Corp. as an iPhone carrier in the U.S.

Apple said net income in the fiscal first quarter was $13.06 billion, or $13.87 per share. That was up 118 percent from $6 billion, or $6.43 per share, a year ago.

Analysts polled by FactSet were expecting earnings of $10.04 per share for the latest quarter, Apple's fiscal first.

Revenue was $46.33 billion, up 73 percent from a year ago. Analysts were expecting $38.9 billion.

During the company's earnings call, Apple SVP and CFO Peter Oppenheimer announced that Apple now has $97.6 billion in cash on hand. According to TechCrunch's live blog of the call, Oppenheimer didn't announce Apple's plans, but he said the company wouldn't be “letting it burn a hole in [their] pocket”.